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Shri Piyush Goel, Hon’ble Minister of Railways launches the International Securities Market segment for India International Exchange (India INX) by listing the first bond at IFSC at GIFT City – IRFC’s USD 500mn Green Bond

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Mumbai, January 13, 2017: India International Exchange listed the first bond on its Global Securities Market with Honourable Minister of Railways and Coal, Shri Piyush Goyal ringing the gong.  The bonds issued by IRFC (Indian Railways Finance Corporation)  are one of the highest credit rated bonds issued by an Indian corporate and has been IRFC’s first foray into the Green Bond market.

Marking the occasion, Shri Piyush Goyal, Minister of Railways and Coal said, “India is the fastest growing economy in the world and our need to raise funds is a continuous process.  To have a platform to tap global investors by issuing bonds in any currency is the first of its kind in India and India INX as India’s first international exchange at IFSC Gift city, Gandhinagar has yet again been a pioneer in this.  In a country like ours, this will make global investors and funds more accessible to Indian and foreign issuers at a fraction of cost that is being incurred today by issuers.  India INX has now made it a reality for investors to invest in quality papers from India with a disclosure regime that is at par with the best globally.”

For IRFC, this is the first international fund raising with commitment to use the proceeds for Green use.  Certified as part of the Climate Bonds Initiative (CBI), the Green Bond framework formulated by IRFC has also been verified by KPMG.  The bonds placed at 3.835% bears a semi-annual coupon for the next 10 years.

Shri B.N. Mohapatra, Chairman, IRFC on the occasion of listing on India INX said “IRFC is one of the largest NBFCs in India and we support a new India dream of building huge capacities and we are in process of augmenting our fund base accordingly.  This is our first green bond issue and we hope to do more in future.  We are excited to be the first issuer to list on BSE’s India International Exchange (India INX).  Such a listing platform from India INX will now help us to tap global investors from India going forward.”

Shri S. K. Pattanayak, Managing Director, IRFC on the occasion of listing of its Green bond on India INX said “IRFC is the first issuer to list its Green Bond on BSE’s India International Exchange (India INX).  This listing platform from India INX enables us to now tap global investors for fund raising of IRFC and is at par with international exchanges like LSE and SGX. Our IRFC green bond is a commitment to sustainable development and we look forward to serving the financial needs of India’s rail transport infrastructure and would be in a position to raise more funds as and when required.”

BSE’s India International Exchange welcomed listing of Indian Railway Finance Corporation (IRFC)’s 10 year USD 500Mn Green Bond on its Global Securities Market, India’s first capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec City IFSC.

Shri. S. Ravi, Chairman BSE said, “At BSE, we are the market leader in debt issuances domestically with more than 90% of the issuers choosing BSE to raise debt from investors.  India INX Global Securities Market is the first of its kind initiative in India and we are highly appreciative of the Regulators in providing us with a highly enabling framework that puts us at par with other global listing venues like London and Singapore.  BSE as a signatory of the Climate Bond Initiative is excited to welcome its first Green bonds on our India INX International Exchange platform”.

Speaking on the development, Shri, V Balasubramanian, MD & CEO, India INX said, “Today marks a special day for us with the launch of the Global Securities Market segment in India INX by Honourable Minister of Railways and Coal Shri Piyush Goyal. This is a significant milestone after our inauguration on January 9, 2017 by Honourable Prime Minister. This is a pioneering initiative to enable both Indian and Foreign issuers to raise funds from global investors on our listing platform. We are delighted to have the maiden listing of high credit quality green bonds of IRFC and look forward to many issuers listing on India INX.”

About India INX

India Inx, a wholly-owned subsidiary of BSE Ltd, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT City. The exchange was inaugurated by the Honourable Prime Minister Shri Narendra Modi with the vision to become a price setter within 10 years. It is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds and operates for 22 hours a day to allow international investors and Non Residents Indians to trade from anywhere across the globe. The exchange provides a common platform for all asset classes – equities, currencies, commodities. The exchange proposes to commence offerings of depository receipts and bonds once the required infrastructure is in place.

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